1. The definition of Marketing 2. Marketing Objectives 3. Marketing strategy to reach those objectives a. Niche b. Mass 4. Advantages and Disadvantages of niche and mass marketing

1. Topic 1: Lesson 1
Quazi Nafiul Islam
Marketing Objectives and Strategy
Learning Objectives:
1. The definition of Marketing
2. Marketing Objectives
3. Marketing strategy to reach those objectives
a. Niche
b. Mass
4. Advantages and Disadvantages of niche and mass marketing
1. The definition of marketing
Marketing is the management process that identifies, anticipates and satisfies customer requirements
profitably.
2. Marketing objectives
• Essentially, these are the marketing goals that the business is trying to achieve
Growth and
Profitability
Gaining and
Consumer
maintaining
satisfaction
market share
Marketing
Objectives
Consumer Product
awareness differentiation
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Product Product
innovation Introduction

2. Quazi Nafiul Islam
Growth and Profitability
• The increase in sales, revenue and
profit through marketing
• The business may increase revenue
through:
o Increase in prices
o Selling more products
• Easy-jet and Ryaniar both promoted
themselves as cheap low cost travel.
Gaining and retaining market share
• A business may launch a new product
and for it to penetrate the market,
which will likely require lots of
promotion such as promotional
pricing, adverts etc.
• To retain long term sales, the business
may use extension strategies such as updating design, re-introduce it with new packaging or
change the ingredients. Businesses could also target it to a market, for example energy bars
that are tailored for sport athletes
o For example, Toyota Corolla has been a car that Toyota sells for decades, it keeps on
changing the design and features etc. to retain interest in its car
Product differentiation
• Essentially making the product seem different from other alternative products through
marketing. This may be done through:
o Changing price
o Packaging
o Advertising
o Changing retailer or the place where the product is sold, for example selling it on
the net and not through the retailer
o Changing the name to something more appealing for example, changing the name
of an energy bar from ‘power’ to ‘BUZZ’
Product introduction
• Product introduction is basically the goal of launching new products into the market and
therefore increasing product range.
o Some businesses simply launch new product regularly
o Market research should indicate good prospects for this product
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• For example Ford recently launched the Ford Mondeo to replace the Ford Sierra

3. Quazi Nafiul Islam
• Another example, Chocolate companies producing just chocolate bars may now start to
produce caramel and chocolate bars as a new product, thus increasing the range of products
that they sell.
• This may increase enthusiasm in the product
• The business is selling more products to different consumers, may cause an increase in
revenue.
• Perhaps more sales, as it may be more appealing to consumers
Product Innovation
• Introducing a brand new product into the
market, which no one has introduced
before.
• For example a new type of medicine
Consumer knowledge
• Basically raising consumer awareness
o Through promotion
o Adverts etc.
Consumer Satisfaction
• Basically attain brand loyalty
Figure 1: Blu-Ray® was made by SONY®, it revolutionized
movies because it was the first form of optical media that
could hold up to 50 GBs on a double layer and 25 GB on a
single layer.
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4. Quazi Nafiul Islam
2. Marketing Strategy
Marketing Strategy can be divided into two types, for now, but strategy is a far bigger topic. The two
types:
• Niche Marketing
• Mass Marketing
Niche Marketing
• The marketing of a product to a small section of the market
• Advantages
o Less competition, as it is a small market
o Products can be tailor made to meet consumer needs e.g. wedding cakes. So generally
high level of consumer satisfaction
o Less likely to be left with out-dated stock as fewer units are produced
• Disadvantages
o There are fewer potential customers, so small market size
o Unlikely to have high market growth
o Profits are likely to be lower while prices are higher, as there are lower sales
o If too successful, the niche may fall prey to larger businesses
Mass marketing
• Advantages
o Can generally benefit from economies of scale, see Dave Hall Unit 89
o Less risky as the business is not dependent upon one small market segment
o Sales revenues are usually higher, as the business is selling to a larger market
• Disadvantages
o Increased competition, as there are more companies in mass markets
o Difficult to appeal to individual consumers, perhaps lower consumer satisfaction
o Fixed capital costs are usually high due to the need for large factories and expensive
machinery
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